What’s Getting Backed on Kickstarter: Technology Edition

I’m a huge Kickstarter fanboy. The creativity that they’ve unleashed is mind-boggling and embodies exactly what the Internet is capable of.

The projects I’ve backed tend to skew tech-heavy and I recently wondered if there were any identifiable trends as to what sort of tech projects get backed. I hear all the time about companies that started with a Kickstarter campaign; are there any patterns?

Kickstarter is really open about what projects get backed (note that it’s not clear how accurate the project counts are; they seem to appear/disappear/dramatically change based on when you access the site), so I went out and scraped some data (code here).

I managed to get data on 1700 successful tech projects, which raised a cumulative total of $212,472,913. That’s an average of $124,984 per project-but this is no even distribution. The winners (like the Pono music player, Reading Rainbow or Zano drone) raise millions while Kymira smart sports apparel is limping in at $8,000 or so (but still successful; kudos). The median raised is $45,992.

I wrote some code to try and cluster these projects and found a few categories that people like to back:

Physical Computing: Arduino clones and shields; Raspberry Pi accessories galore. Examples include Microview, RFDuino and the Touch Board.

3D Printers: Every type you can imagine, including the Micro, the Form1 and the 3Doodler.

Home Automation: Smart plugs, dimmers, remotes – Kickstarters want a connected home. Sample projects are Ube Wifi dimmer, the NEEO remote and  the Ninja Sphere controller.

Lighting: Make it glow-whether lights attached to your stereo, fancy bike lights or an enhancement to your GoPro. Examples are the Notti Smart Light, Lume Cube flashbulbs or Playbulb candles.

Phone Accessories: Anything that can pimp your phone. Check out the Jorno foldable keyboard, Thermodo thermometer or Chipolo item finder.

Solar Powered Gizmos: Kickstarter backers seem to really want to take their electronics outside. Witness the WakaWaka Base, SPOR and Solarpod Pyxis chargers/lights.

Here’s how many projects fall into each category:

That’s a high of 433 for Home Automation versus 181 3D printers.

(Hate that there are no numbers in these graphs? I do, but can’t figure out how to add labels. All the raw data is here.)

The total funds raised varies dramatically across the categories ($M):

Surprisingly, Physical Computing has clocked almost $50M ($46.4M), closely followed by 3D Printers at $41.4M. Solar Power is half this at $21.5M.

There’s a similar difference in the the amount raised per category-both the average and median ($K):

On a per-project basis, 3D Printers have captured peoples wallets (most likely have a much higher per unit cost than other projects) and clock in with a $229.0K/$79.9K average/median raise. This median is almost as high as the average for solar power projects: $89.4K/$42.3K average/median.

A couple of closing thoughts:

  • I was amazed at how much money has gone towards backing Physical Computing. I imagine that most of these devices were bought by geeks to make geeky devices, so I’m guessing that we’re only at the starting of a big revolution in Internet-connected devices
  • There was no major cluster for robotics or drones. This surprised me as I would have guessed more based on the buzz in the press. Big difference between what is bought vs. what is talked about
  • Some of the major success stories (like Pono or Reading Rainbow) don’t fall into an of these categories. I don’t yet know how to interpret these “one hit wonders” but its interesting to think about why they succeeded as a product but didn’t launch a category

Behind the Bench

Unless you live under a rock, you probably know that the Celtics blew away the Lakers in Game 6 of the NBA finals to win their 17th championship – and first in 22 years.

Celtics Championship

A lot has been made about the structure of the team and how management built a team around the three stars of Paul Pierce, Kevin Garnett and Ray Allen.  What’s equally interesting is what goes on away from the parquet.  The team is owned by a syndicate of 25 financiers, mostly venture capitalists and private equity veterans.

What does this mean?  Well, they’re fiercely competitive but also metrics driven.  Maybe that’s why they crunch the numbers on every datapoint they can get about their competition and essentially model how the team should react to different teams and players.

You’re never going to win in sport without great players – but great players alone aren’t going to beat a team that hustles this hard off the court.